WoW Woman in FemTech I Renee Selman, Co-CEO at FEMSelect
Renee Selman, currently Co-CEO at FEMSelect, has extensive leadership experience in the tech industry. She has demonstrated exceptional prowess in general management, navigating through tech-driven pharmaceuticals, medical devices, and digital health sectors. With a proven aptitude for leading cross-functional teams of 10 to over 1,000 individuals, Renee has spearheaded projects for organizations ranging from $50 million to $500 million in scale. Her expertise spans tech-focused commercialization facets, including marketing, sales, strategic planning, and new business development.
FEMSelect is a women-led company with a mission to make a lasting impact on women's health by delivering innovative technologies that provide consistent results in a patient-centric manner and dramatically improve outcomes for women with pelvic organ prolapse. To address the 30%–50% of women who will experience a pelvic organ prolapse in their lifetimes, FEMSelect developed the EnPlace® system, which is a same-day approach that helps women suffering with pelvic organ prolapse return to normal activities sooner. EnPlace, was developed to be a truly minimally invasive system with no mesh, was cleared by the FDA and has been used in the U.S. since 2018.
Tell us a bit about your background and your projects so far.
Over the course of more than 35 years, my professional journey has revolved around healthcare, and during many of those years, women’s healthcare specifically. My career has included positions in product development, launch, and commercialization across pharmaceuticals, medical devices, and digital healthcare. I've held positions at medium- and large-sized companies and recently have loved the challenges and innovation of joining early-stage start-ups.
I’ve been tasked with shaping commercial strategies, facilitating product launches, and leading organizations, all with my own personal mission of creating great diverse teams and bringing important innovation to market. Mentorship, advocating for inclusivity, and infusing diverse perspectives have been the cornerstones of my leadership.
As a Co-CEO of FEMSelect, a pioneering femtech company, the commitment to amplifying women’s voices in healthcare is at the forefront of my objectives. I continue to champion mentorship, advocate for gender diversity, and ensure women's perspectives are not just heard but also integrated into our innovations.
How did you get into this industry? Has it been an easy industry to get into or have you had many challenges?
Healthcare always interested me, and several of my friends and colleagues were already deeply immersed in the industry. So, seeing the impact they were having was what made it incredibly appealing to me. I also saw the need for women in leadership positions and felt that I could be a strong advocate in that area.
When I officially began my career in women’s health, it was clear to me that I had a particular passion to make change in the category, and with each position, I delved deeper.
Women’s health is a horribly underserved market. The idea of disrupting the status quo and breaking into a predominantly male sector was exciting to me because I’ve always truly believed that women’s health needs amplified female voices to develop the best options for women.
Getting into the healthcare and women’s health industry came naturally, but breaking glass ceilings in corporate America proved more challenging, especially while managing a dual career: marriage and raising two children. Women really can do it all.
As I moved into working with start-up companies, my roles included fundraising for women’s health endeavors in capital markets, where challenges continued as the industry was and is dominated by men, and exits in the women’s health category tend to be less than other healthcare areas. Today, we have come a long way, but there is still more work to be done.
How long did it take you to be where you are now? What was the biggest obstacle? What are the challenges of being in the industry you are in?
I’ve been in healthcare over 35 years and wouldn’t trade my career to be a part of any other industry, despite its complex elements like the regulatory and reimbursement environment.
Healthcare has additional layers of intricacies compared to other businesses, but a passion for patient care and working with other individuals with the goal of improving the lives and medical outcomes for patients is incredibly rewarding.
In healthcare, no pharmaceutical drug, medical device, or procedure is completely risk free, so questioning if the benefit outweighs the risk is an important consideration and should be made thoughtfully with a healthcare professional. It’s a challenge I am willing to face, because I have seen firsthand the positive outcomes and the change that’s possible with an innovative product. If there is a negative outcome, it doesn’t mean a company was sinister, however the public’s understanding may highlight negative outcomes; this can sometimes feel unfair from the vantage of working to provide these medical solutions for patients. Despite these frustrations, those I know working in healthcare are striving to be a force for change and are continuing to improve health outcomes in patients.
What are your biggest achievements to date?
I have worked hard to advocate for other women working in healthcare and to help ensure they have a voice and seat at the table. Empowering women in a field dominated by men is something I am passionate about, and I have strived to continuously build through each of my positions and organizations.
I’ve also been fortunate to work with many great teams and develop products that make a difference for women and men. Currently I am most excited about progress with FEMSelect and the fantastic testimonials we are hearing from happy patients who underwent the EnPlace® minimally invasive approach to pelvic organ prolapse.
What are the projects you are currently working on?
To address the 30%-50% of women who will experience a pelvic organ prolapse in their lifetimes, FEMSelect is commercializing a product for pelvic floor prolapse called EnPlace®, which is significantly less invasive and safer for women than the longer, more-invasive procedures.
The EnPlace system is a minimally invasive same-day approach that helps women suffering with pelvic organ prolapse return to normal activities sooner. The current standard of care includes more-invasive options, including hysterectomy or complex mesh surgery. EnPlace was developed to be a truly minimally invasive system with no mesh; it was cleared by the FDA and has been used in the U.S. since 2018.
At the 2023 International Urogynecology Association’s recent 48th Annual Meeting, we announced positive safety and outcome results for EnPlace from a large study. The FEMSelect team and I are looking forward to continued positive outcomes for EnPlace.
In addition, we’ve recently launched a consumer advocacy campaign designed to destigmatize pelvic organ prolapse – a painful and debilitating condition that is not talked about enough in women’s healthcare, despite being fairly common.
Is the #WomenInTech movement important to you and if yes, why?
Women in everything is important to me.
I’ve seen firsthand the positive impact that’s made when women are included in decision-making on important women’s health issues. In the beginning of my career, I was one of few women making decisions about innovative women’s health products. That experience has driven me to push for female participation and leadership on my teams.
I’ve been fighting for gender diversity and equality in the femtech sector for most of my career. Part of that fight is ensuring we have a strong female presence on the teams I work with – it’s important to me to bring women to the forefront of these conversations. Who better to make decisions about women’s health than women?
Women trailblazing in any field is important to me: women in Tech, STEM, and boardrooms and women as CEOs, founders, and investors. ALL are necessary, and I’m committed to showing people the value in diversity in these male-dominated fields.
What will be the key trends in your industry in the next five years and where do you see them heading?
Looking back and thinking about how much the healthcare sector has evolved over the last decade, especially over the last 3-5 years, I won’t even try to predict big healthcare trends, but here are my hopes for women’s healthcare and bringing women to the forefront of this change:
• As the women’s healthcare and femtech sectors shift toward a more patient-centered and friendly approach, we have to bring women into the conversation about care. Including women’s voices in their care will drive us to develop better, less invasive, and more patient-friendly treatment options that truly address women’s concerns.
• We need more education and a better way to get information to women. I foresee the use of tech platforms to deliver better education/information for improved decision-making as a trend in the future. Increasing access to valuable resources will make sure women (and everyone) can make the best decisions for their health.
• The integration of Artificial Intelligence (AI) will of course be an integral part of what we do in the future. My hope is that it will help improve clinical trials, literature searches, data analysis, etc., and that it will help patients, healthcare providers, and the healthcare industry. There are unknowns, but with any new technology, unknowns are present. I am hopeful this will revolutionize aspects of the health sector.
• My hope is that we will see a rise of female entrepreneurs within the femtech sector. When more women begin stepping into leadership and decision-making roles, we will start to see even more innovation and advancements in women's healthcare.
As I look at my list, I’m not sure if these are true trends or my strong hopes, but I am optimistic.
What is the most important piece of advice you could give to anyone who wants to start a career in this industry?
Build a strong network of female connections and surround yourself with allies (both male and female) who will advocate for your voice to be heard. The tech industry is fun, but not without its challenges. Though we have made strides in the past two decades, it is still a male-dominated field that needs a stronger female presence.
True innovation and success can only be achieved when we bring diverse perspectives to the forefront.
Who are three inspirational women in your respective industry you admire?
Minnie Baylor Henry, Cheryl Callan, and Kathy Widmer – all professional colleagues and friends who fought the status quo, challenged norms, pioneered in their areas of expertise, and did it with class, grace, and integrity.
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This interview was conducted by Marija Butkovic, Digital Marketing and PR strategist, founder, and CEO of Women of Wearables. She regularly writes and speaks on topics of wearable tech, fashion tech, IoT, entrepreneurship, and diversity. Follow Marija on Twitter @MarijaButkovic and read her stories for Forbes here.